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what are some money tips you would give to high schoolers?

I'm getting close to the end of my Junior year and I'm job hunting right now. I was wondering if there's any money saving tips you wish you knew.

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Andrew’s Answer

You will have a lot of advice given by family members and friends on how to save money. I am not going to repeat them.

However, most of the advice boils down to a single principle. To be able to manage one’s money wisely, it is critical to be able to distinguish what one wants and what one needs.

Most advice given are applications of this principle.
Thank you comment icon I totally agree! And want to add one more piece of advice: is your purchase will appreciate or depreciate in value? Now make a matrix for want/need vs increase/decrease in value. If some thing you want (not need) and it will increase in value over time, go for it. Anthony Ngo
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Moses’s Answer

100% put money into long-term investments. For example index funds and ET funds which do fluctuate heavily from week to week but gradually grow overtime. So in this sense your money is working for you and you don't need to be actively checking your account as its all long term, so monthly check-ins on your account will suffice. With this, only spend money on the essentials, this maybe often said and cliché, but it is a cliché for a reason. There have been countless times I regret a purchase because it was simply out of a want. So make sure to have your money set in a spending priority.
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Vamshee’s Answer

Few tips i can think of..

Plan your expenses.
Track your spending
Create a Budget
Open free checking account
Don't be late on credit card payments
Spend wisely
Make use of Student discounts
Shop during sale
Get a summer job
Shop Secondhand
Avoid impulsive Purchases.
Use free benefits offered at colleges/community etc.
Apply for scholarships and Grants.
Fill out FAFSA every year.
Have a good plan for your classes and degree.
Minimize Wastage
Live at home
Live with Roommates
Prepare your meals
Shop around
Find Discount Coupons
Limit unnecessary spending


Hope this helps!
Thank you comment icon Thank you for taking the time to help. Hannah
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Victoria’s Answer

Hi, the first step to saving money is creating a budget. Once you got your budget it will determine how much you can start saving and investing. Also, when shopping go to resale shops, they have great items at discount prices. Also, cook at home and limit eating out. Good luck!!!
Thank you comment icon Thank you for the advice, Victoria. Hannah
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Danne’s Answer

I agree with Victoria, you should make and follow a budget. A budget is a written plan on how you will spend and save your money. Most people follow a monthly budget. Since I get paid twice a month, I have a biweekly budget. As a high schooler, I suggest:
1. buy 1-2 shares of stock in your favorite business. The goal is not to make a lot of money but rather develop your financial literacy skills. It's also kinda fun to see your gains and sadly, losses
2. put yourself on a spending diet where you buy only what you need
3. get a job or create a job--there are a lot of older Americans who'd like help from a young person. two easy jobs are elder helper or elder companion. Advertise word of mouth, local places of worship, community senior centers and friendly neighbors.

Best regards,
Thank you comment icon Thank you, this is amazing! I really needed it. Hannah
Thank you comment icon You are amazing and you are welcome! Danne Davis
Thank you comment icon Chiming in to mention that there are many great apps out there (ex: Mint) that will help you with budgeting. It connects to your bank and monitors all your spending! Gurpreet Lally, Admin
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